The dollar and bonds have reversed.
Yesterday, oil futures posted a downward reversal bar. This morning’s (pre-market) session is lower again by about 1.00%.
Longer term perspective (above), Oil & Gas Sector, XOP is at resistance.
Shorter term, the daily (below) posted a measured move off the wedge formation.
There’s not ever ‘no risk’ in the markets … but there is ‘low risk’.
That’s where we are now with XOP. Risk is low the up-trend will continue unabated.
To get past long-term resistance, (if it’s going to do so), XOP may have to come back and retrace for fuel.
With unemployment claims just out at 965,000 does anyone really think the economy’s going to bounce back?
Back in the day during a real (not contrived) recession, it was bad when unemployment claims hit around 385,000. Those were the days.
One of the Inverse funds for XOP that’s fairly liquid (not advice, not a recommendation) is DUG.
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